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The Australian share market is eyeing a positive day of trade after the World Health Organisation (WHO) suppressed some of the fears around the globe about the Coronavirus. The WHO said, it was “too early to consider this event is a public health emergency of international concern.” A bit of a sigh of relief for investors, after the strain of virus has killed 18 people in China and infected over 650.

Yesterday we learnt the unemployment rate unexpectedly fell to 5.1% in December, which is closer to the RBA’s target of 4.5%. It was good news, but caused investors to take local sharemarket profits off the table, with some traders thinking the RBA is now less likely to cut rates next month.

All eyes are on the manufacturing and services sector data for January.